888 Holdings plc Completion of Strategic Sale of Bingo Business (7006R)
07 July 2022 - 9:08PM
UK Regulatory
TIDM888
RNS Number : 7006R
888 Holdings plc
07 July 2022
7 July 2022
888 Holdings Plc
("888" or "the Group")
Completion of Strategic Sale of Bingo Business
888 (LSE: 888), one of the world's leading online betting and
gaming companies, today announces that it has completed the
previously announced sale of its entire B2C and B2B bingo
businesses (the "Transaction"), to Saphalata Holdings Ltd., a
member of the Broadway Gaming group. The total cash consideration
of $45.25 million (GBP37.4 million) is $43.25m payable on
completion, and a further $2m unconditionally payable in one year.
888 has agreed to continue to provide Broadway certain transitional
services for a period of up to 12 months from completion, in
accordance with an agreed fee schedule.
The completion of the Transaction will enable us to improve
focus on delivering against our strategy to be a global leader in
online betting and gaming, by building market-leading positions in
attractive regulated markets, driven by proprietary technology,
product leadership, leading brands, and marketing expertise.
The bingo business, which is substantially UK-based, generated
gaming revenue of approximately $25 (GBP19) million in H1 2022, and
approximately $54 (GBP41) million in the last twelve months.
Itai Pazner, CEO of 888, commented:
" I would like to express my immense gratitude for all of the
hard work of the bingo team over the years , and in particular
their unwavering commitment to the business since we announced the
Transaction. As part of a dedicated bingo operator, I am very
confident in the future prospects of the bingo business and wish
the team well.
The successful completion of this strategic Transaction enables
888 to further increase its focus on integraton with William Hill
and delivering on our mission to be one of the world's leading
online betting and gaming businesses."
David Butler, CEO of Broadway Gaming, commented:
"We are delighted to complete the acquisition of 888's high
quality bingo business and platform. By combining these with our
existing business and brands, which include 'Butlers Bingo', we
will be able to achieve an even stronger global footprint in key
regulated bingo markets.
We see further expansion opportunities in both the B2C and B2B
segments, and are very excited about working with the management
team to deliver on our plans for the future, as we look to become
the pre-eminent online bingo business globally."
- Ends -
Enquiries and further information:
888 Holdings Plc +44(0) 800 029 3050
Itai Pazner, Chief Executive Officer
Yariv Dafna, Chief Financial Officer
Vaughan Lewis, Chief Strategy Officer
Investor Relations ir@888holdings.com
James Finney, Director of IR
Media 888@hudsonsandler.com
Hudson Sandler
Alex Brennan / Charlotte Cobb / Andy Richards +44(0) 207 796 4133
About 888 Holdings Plc:
888 Holdings plc (and together with its subsidiaries, "888" or
the "Group") is one of the world's leading betting and gaming
companies. In 2022, the Group acquired the international (non-US)
business of William Hill to create a global industry leader.
Headquartered in Gibraltar, and listed in London, the Group
operates from 15 offices around the world and employs approximately
12,000 people globally.
The Group's mission is to lead the gambling world in creating
the best betting and gaming experiences, bringing unrivalled
moments of excitement to people's day-to-day lives. It achieves
this by developing state-of-the-art technology and content-rich
products that provide fun, fair, and safe betting and gaming
entertainment to customers around the world.
The Group owns and operates internationally renowned brands
including 888casino, 888sport, 888poker, William Hill and Mr Green.
In addition, the Group operates the SI Sportsbook brand in the US
in partnership with Authentic Brands Group.
Find out more at:
http://corporate.888.com/
http://williamhillgroup.com/
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